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Down Payment FAQ

How to decide the percentage of the down payment?

Down Payment = Total price - 60%/50%/30% of the Floor Price
Collection
LTV
Down Payment
BAYC CryptoPunks
60% of the floor price
40% or more
MAYC
50% of the floor price
50% or more
Doodles & Space Doodles CloneX Azuki Moonbirds
30% of the floor price
70% or more
If the total price of the NFT is much higher than the collection floor price, the percentage of the down payment will increase.

What's the Down Payment Fee?

Down Payment Trading Fee: 1% of the full price
Flash Loan Fee: 0.09% of the borrowed amount (charged by AAVE)
50% of the Down Payment trading fees are distributed to all veBEND holders, and the rest 50% go to the DAO Treasury.

What's the difference between Down Payment and Buy Now Pay Later?

The Buy with Down Payment on BendDAO is not P2P based which means users can execute the purchase instantly. And there is no payment installments.

What are the details of payment installments?

No payment installment. You take an NFT-backed loan and then become a borrower on BendDAO. You can repay any time you like. There is no fixed time period to pay back the loan. But you do need to keep an eye on the loan health factor to avoid liquidation. As time passes, the accrued interest will grow making the health factor decrease, which might result in more likely to be liquidated.

Which collections are supported with a down payment?

BAYC, CryptoPunks, MAYC, Doodles, Space Doodles, CloneX and Azuki

What will be in my wallet after the down payment?

The boundNFT will be in your wallet since the original NFT is used as collateral.

How can I get my mortgaged NFT back?

You will receive the NFT when you pay off the loan.

Which marketplace is supported?

Currently, BendDAO. More NFT aggregators and marketplaces will come soon.

What are the fees for the down payment?

In addition to the marketplace's trading fees and royalty fees, users also need to pay the following fees:
Flash loan fee: 0.09% of the borrowed debt, paid to DeFi protocol, etc. AAVE.
Down payment fee: 1% of the sale price, paid to the BendDAO treasury.